The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Brian Patrick Reynolds - UBS Investment Bank, Research Division - Analyst
: Maybe to start off on the third-party frac fees. The original guidance stipulates roughly $0.25 billion in costs for all of '23, but 1Q trended better
than expected. And now with MB-5 up and running, kind of curious if you can give us an updated view on how we should see third-party frac fees
trending going forward and into next year?
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MAY 03, 2023 / 3:00PM, OKE.N - Q1 2023 ONEOK Inc Earnings Call
Question: Brian Patrick Reynolds - UBS Investment Bank, Research Division - Analyst
: Great. And as a follow-up, maybe just touch on the Bakken activity levels are off to a strong start this year with weather helping out 1Q. Given
ONEOK has completed roughly 1/3 of its Rocky's well connects in 1Q, I was wondering if we should expect a slowdown in activity from producers
or if we continue to see similar activities going -- similar activity going forward?
Question: Tristan James Richardson - Scotiabank Global Banking and Markets, Research Division - Analyst
: Kevin, I appreciate your comments on the Permian. Obviously, you've got production growth there as well as adding a new plant, a third-party
plant, but you also talked about contracting additional volumes. Can you kind of talk about that environment, whether these are medium and
long-term deals? Just kind of what that environment looks like and how that may have contributed to the first quarter?
Question: Tristan James Richardson - Scotiabank Global Banking and Markets, Research Division - Analyst
: Appreciate it. Sure. And then maybe just the obligatory high-low question. Obviously, strong results in the first quarter. Just thinking about the
full year outlook, some of the conditions necessary to hit the high end versus what might need to happen to see the low end occur?
Question: Indraneel Mitra - BofA Securities, Research Division - Analyst
: A lot has been answered. So I wanted to go a little bit beyond the quarter and with the Medford proceeds and what seems to be a strong '23, it
seems like your leverage levels are trending well below kind of the 3.5x target. So when you think about that a little bit longer term, do you plan
to stay lower like some of your peers? Or are you thinking more about dividend increases, repurchases or possible acquisitions? And just in terms
of how you plan to think about the mix?
Question: Indraneel Mitra - BofA Securities, Research Division - Analyst
: Got it. And then second question, I know you've seen a lot of stickiness in terms of the rigs on your activity. But now the -- just we've seen crude
fall below $70 twice this year, how do you see the producer activity given that a lot of publics have budgeted around $70 if we stay in this environment
over intermediate to longer term?
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MAY 03, 2023 / 3:00PM, OKE.N - Q1 2023 ONEOK Inc Earnings Call
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